Woolies open to takeover discussions

Woolworth's chairman has said that he would be willing to open discussions with Icelandic investor Baugur and Malcom Walker, which put in a bid for the group earlier this week.

That bid, which was worth £50 million, was dismissed out of hand by chairman Richard North as too low, but he did say he was "not unwilling to talk" if the Baugur's bid was revised.

According to details that emerged after PC Retail initially reported on the story, the bid, which was for Woolworth's retail chain would have left the rest of the Woolworth's group with the retail chain's pension fund and lease obligations was described as one that would have seen it effectively paying Bauger to take its retail business off its hands.